Is it possible to see whos behind mortgages?

Question

Is their a way too lookup and see if someone is behing on their house payments?

Thanks

Bill Gulley · Answer

I was going to mention the lists,  lenders may not disclose late payments within 30 days unless as to authorized verifications, if anyone is, they can get zapped as the borrower is not in default within 30 days, they are late. I have never used such a list, but I'm sure FDIC wouldn't approve of publicly reporting a late payment.

However, such lists may be worth it to save time establishing relationships, but you'll get slow pays and defaults over 30 days.

Most methods that yield results, IMO, come from troubled loans, just prior to the hammer being lowered on a borrower. This generally means past slow pays, over 30s, one or 2 over 60s that were brought current and currently behind inching toward 30 days again. Where the lender is using the demand and you can ride in and save the day....but I also don't know what the OP has in mind either.

Guess we need to know what "behind" means?

Grant P. · Answer

The answer is yes, but you will need to pay for the data.

A good friend woks for a company based here in Denver called Blackbox Logic LLC, and they are not the only ones that offer a service like theirs.

The use crawlers and compile recent data, and offer this data at a fee.  They do not work in all markets, but I imagine that there is a service like theirs in most major markets.

Bill Gulley · Answer

No, not as to an initial default in payment. You probably have legal notice publications, a borrower will be over 30 days late by the time such is published, probably many more days late, like 90+ and moving through pre-foreclosure.

If you have access to credit reporting agencies, the limitation there is that you only see over 30, 60, 90 day lates and you need authorization to pull a report.

I've mentioned before, if you have a good, sound method of taking mortgagors out of distressed situations and can buy them out or have the ability to perform....best way is to work with loan officers. They can not give you names with problem loans, what they can do is suggest to the borrower that you exist and have a track record of helping folks in situations like thiers. The borrowers will call you!

Private lenders may have lose lips too. Best to have the lender introduce you in private situations.

Steve Babiak · Answer

Not really.  This info is reported to the major credit bureaus (Transunion, Equifax, Experian) by the lenders.  The "default" reporting is something that happens once the borrower is behind by 3 months or more, and is one of the first steps that a lender will take toward foreclosing.

If you can get it from the credit bureaus, then you certainly can get the data before the "default" on the loan is made public.

See this related thread:
http://www.biggerpockets.com/forums/87/topics/81824-90-day-deliquent-on-mortgage

James Martin · Answer

In my city, we have a online daily news report that will show all defaults in the area. You may want to do more investigation for your town.